BMW FS Credit Application Approval, Help!

Filled out the credit app online with a co applicant to lock in August rates. The approval is good through 10/31/2012. Didn't know which dealer I was going to go through at that point, so I chose the first one on the list. Just ordered my car, from a different dealer than the one on the online app. Got a production number. The car is in production now, should be complete in 10 days.


Now here is the kicker. Was told by the dealer that I have to call BMW FS to change the designated dealer on the application to them. No problem. I just got off the phone with BMW FS and they told me I have do do another credit application if I plan on purchasing the car from a different dealer than specified on the online application.

This can't possibly be true, just doesn't make sense. Why would I want another inquiry on the credit report and do another application for credit if I'm already approved.

Originally Posted by z51vette

Filled out the credit app online with a co applicant to lock in August rates. The approval is good through 10/31/2012. Didn't know which dealer I was going to go through at that point, so I chose the first one on the list. Just ordered my car, from a different dealer than the one on the online app. Got a production number. The car is in production now, should be complete in 10 days.


Now here is the kicker. Was told by the dealer that I have to call BMW FS to change the designated dealer on the application to them. No problem. I just got off the phone with BMW FS and they told me I have do do another credit application if I plan on purchasing the car from a different dealer than specified on the online application.

This can't possibly be true, just doesn't make sense. Why would I want another inquiry on the credit report and do another application for credit if I'm already approved.

Each app is tied to a specific dealer, so they can't "switch" it.

That's ridiculous, that would mean if you want to lock in the rates you already have to have a deal worked out with a specific dealer. What if the deal falls through or you don't like the dealer and decide to take your business to a different dealer, do you loose your lock? Why would you want to be tied to a specific dealer anyway? Pretty preposterous system.

"Any financing approval is valid at your selected BMW Center only and is subject to finalization of vehicle selection and financing structure by your chosen BMW Center."

https://creditapp.bmwusa.com/apply

Call the dealer and tell them to figure it out. You will not allow another hit on your credit.

Or tell the 'approved' dealer it is their lucky day if they can meet the deal terms.

Seems to be a silly rule that is designed specifically to limit the consumer for the benefit of the dealerships.

The purpose of the lock is to give that Center 1st dibs at your business, every center you go to will have to run your credit through BMW FS to get funded. Always better to shop the store you like 1st then do the deal.